RANDGOLD and EXPLORATION (RANGY) Message Board

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Gold/Mining/Energy : RANDGOLD and EXPLORATION (RANGY)

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To: Gerald A. Lucker who wrote (297)	3/12/1999 10:56:00 AM
From: Bob Dobbs	Read Replies (1) of 448

Jerry: I'm getting a similar bottom line but very different subtotals. John Disney hasn't accounted for the debt or the mineral rights package. If you value the mineral rights at a conservatively low estimate $35 mill then I get: RR 11.4 M @$5.5 = $62.7 M DD 6.3 M @$2.75 = 17.3 M RFE 1.6 M @$2 = 3.2 M Navachab 3 M Cash 8 M MinRts 35 M Debt - 54 M ___________ Total Est Rangy $75.2 M (low end) But with a more middle of the road estimate for the min rights, about $50 Million, the figure becomes $90.2 Million. With 13.7 M ADR shares, that's $5.5/ADR Conservative Low $6.6/ADR Middle of the Road So on the whole John Disney and I agree on bottom line figures. Ram and Jerry, can you confirm? Stock's at $2.75, hmmm, still a bargain! Bob

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